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Great Replies!
Funny I subscribe to Futures but I don't recall receiving an issue
lately. Wonder if I forgot to renew!
I used to Trade The SP500 even before it was cut in half, those were the
good old days! My experience was that the index kept changing as new
"hot" stocks were added and eventually the futures contract became too
volatile for my system.
Eventually I began to trade the Russell 2000 as it was smoother, but the
lower volume certainly wasn't the reason. The SP600 sounds like a
possible solution and at least worth exploring.
I was hoping that merger talks between ICE and CME would become a
reality. I guess the merger could still happen Unfortunately Nymex
floor traders don't seem very interested..wonder why! High oil prices
won't help either as congress would just love to have another issue to
hide their true lack of leadership. Yeah great, let's all sue OPEC,
that will solve things!
Thanks for sharing!
Mark Simms wrote:
Uh...no one on this list reads "Futures Magazine" ?
They just had a huge article on this very subject....June 2008 edition(Page
68 to be specific).
The ICE volume has been anemic-at-best so far.
They anticipate that it will ramp-up at the end of the year...and that the
ICE platform can "handle it".
However, the CME's S&P Small Cap 600 contract has a .9956 correlation in
price to the Russell 2000 contract....
And of course they, being a monopoly of sorts, have offered incentives and
waived exchange fees to trade this "replacement" contract.
Bottomline: if ICE "messes-up"...they're toast as far as the Russell
contract volume goes.
Traders will go back to the proven Globex platform and the Small Cap 600
contract.
-----Original Message-----
From: Michael Guess [mailto:mguess@xxxxxxxxxxxxx]
Sent: Thursday, June 12, 2008 6:37 PM
To: Timothy Morge; omega-list@xxxxxxxxxx
Subject: Re: Russell 2000 futures moving to ICE
So, for those of us who've developed systems for trading the
Russell, and learning its characteristics, we're now left out
in the cold? One would think that by acquiring a significant
product like the Russell, the ICE would want to ensure its
success by having the necessary infrastructure.
There's been almost no info out there regarding this,
excepting Tim's insightful opinions on this list. I wonder
why retail traders are being kept in the dark about this.
I've invested years of research and trading to learn the
Russell's personality. Starting over with one of the other
'minis' doesn't make me very happy, as they don't have the
characteristics I require. I'm disappointed.
At 04:51 PM 6/12/2008, Timothy Morge wrote:
Like Rich Dennis, I have no interest in trading a realtively high
volume contract that has anything to do with ICE. Their
infrastructure
to support a contract with any volume to speak of is non-existent.
The CME will list and trade the Sep 2008 russell and then be done.
They COULD have continued to trade and list it but chose not to. The
volume has been going down, the open interest has been going
down...find a new trading vehicle. That's my 2 cents.
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